Shipping traffic is expected to recover over the course of the year from the significant contraction caused by tensions in the Middle East, said Osama Rabie, president of the Suez Canal Authority (SCA), on Monday.
Houthi rebel attacks on vessels in the Red Sea have prompted many ships to avoid this maritime route between Europe and Asia. Since the ceasefire between Israel and Hamas in the Gaza Strip, the rebels have announced that they will no longer target Western ships. According to Osama Rabie, this will help restore the situation, although major shipping companies such as the Danish firm Maersk will still need to navigate via South Africa.
The president of the SCA stated on Egyptian television that no more than 32 ships now pass through the Suez Canal daily. Before the war in Gaza, this number was 75. However, no giant oil tankers are currently navigating through the maritime route, Osama Rabie clarified.
The detour taken by many ships to avoid the Suez Canal has caused significant revenue losses for the Egyptian government. According to Mr. Rabie, they have dropped by 60% in the current fiscal year, meaning the Canal will incur losses amounting to billions.
Source: La libre
